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Stock Market & Financial Investment News

News Breaks
February 13, 2013
09:22 EDTHLITHarmonic receives letter from Voce Capital
Voce Capital sent a letter to the board of directors of Harmonic calling for immediate action to address "the company’s inefficient capital structure and flawed capital allocation processes." Voce’s letter to the Harmonic Board states: "[A]s we have expressed in these previous meetings, we have significant concerns that we believe the company does not fully appreciate nor is it moving rapidly enough to address. These include the most urgent issue, its bloated balance sheet and inefficient capital structure." Voce argues that Harmonic should deploy at least half of its current cash balance to repurchase immediately a significant number of shares outstanding through a tender offer, in addition to maintaining the company’s recently announced open market repurchase plan. Voce’s letter concludes that it is considering nominating directors at the upcoming annual meeting of Harmonic shareholders.
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July 14, 2014
12:21 EDTHLITOn The Fly: Midday Wrap
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11:39 EDTHLITHarmonic plummets after outlook falls short of estimates
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09:16 EDTHLITOn The Fly: Pre-market Movers
HIGHER: Citigroup (C), up 3.6% after reporting better than expected Q2 results, announcing $7B settlement with DOJ and FDIC... Apple (AAPL), up 0.7% after Barclays upgrades stock to Overweight, Morgan Stanley raises Apple estimates above consensus... Shire (SHPG), up 1.6% after receiving revised proposal from AbbVie (ABBV) of GPB 53.20 per share, which it says it would be willing to recommend to Shire shareholders. AbbVie is down 2.8% after the news... Mylan (MYL), up 4% after acquiring Abbott's (ABT) non-U.S. developed markets specialty and branded generics business in all-stock transaction valued at about $5.3B. Abbott up 1.6% after the news... Progenics (PGNX), up 13% after FDA says RELISTOR can be approved on data submitted in sNDA... Exelixis (EXEL), up 13% after announcing coBRIM Phase 3 trial met primary endpoint... URS (URS) up 8% after acquired by AECOM Technology (ACM) for $56.31 per share. AECOM shares alos up 2% after deal announcement... Whiting Petroleum (WLL), up 4.5% after agreeing to acquire Kodiak Oil & Gas (KOG) in a $6B transaction. Kodiak Oil & Gas up 3%... Kandi Technologies (KNDI), up 11% after announcing JV's sale of 4,114 EVs in Q2. LOWER: Riverbed (RVBD), down 4.5% after saying it sees its Q2 adjusted EPS at low end of 26c-28c range... Harmonic (HLIT), down 13% after reporting preliminary Q2 earnings results.. EBay (EBAY), down 0.5% after downgraded at Pacific Crest, confirming partnership plans with Sotheby's (BID).
07:40 EDTHLITHarmonic sees Q3 revenue $103M-$113M, consensus $122.7M
Sees Q3 GAAP gross margins in the range of 48%-49%; GAAP operating expenses in the range of $57.5M-$58.5M; Non-GAAP gross margins in the range of 52%-53%; Non-GAAP operating expenses in the range of $51.5M-$52.5M.
07:36 EDTHLITHarmonic reports preliminary Q2 EPS 0c-2c, consensus 6c
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